§ 11-227. Trust account and administration.

(a)

The board shall establish a trust account with the county clerk of the circuit court for the deposit of LOSAP contributions that are appropriated by the board. Other than the establishment of the trust account, the clerk shall have no further administrative duties or obligations with respect to the plan.

(b)

The assets in the plan trust account shall be used to pay all expenses of the administration of the plan, including compensation of a trustee appointed by the board, if any, the compensation of any investment manager, the expense incurred by the plan administrator in discharging its duties, and any interest that may be payable on money borrowed by a trustee for the purpose of the plan. In the alternative, the county may pay the expenses of the plan. any such payment shall not be deemed a contribution to the plan.

(c)

The plan trust account shall be invested in accordance with the provisions of F.S. § 125.31.

( Ord. No. 026-1999, § 7 )